Modifications etc. (not altering text)
C1Pt. II Chapter II (ss. 125-170) modified (1.5.1995) by 1988 c. 1, Sch. 24 para. 19(2) (as inserted (1.5.1995) by 1995 c. 4, s. 133, Sch. 25 paras. 1, 6(5))
Pt. II Chapter II (ss. 125-170) restricted (31.7.1998) by 1988 c. 1, Sch. 28AA para. 8 (as inserted (31.7.1998) by 1998 c. 36, s. 108, Sch. 16 para. 8(1)(a))
Pt. II Chapter II (ss. 125-170): power to amend conferred (3.5.1994) by 1994 c. 9, s. 177(6)(b)
Pt. II Chapter II (ss. 125-170) excluded (3.5.1994) by 1994 c. 9, ss. 226(2), 230
Pt. II Chapter II (ss. 125-170) modified (19.9.1994) by 1994 c. 21, s. 21, Sch. 4 Pt. I para. 23(2) (with s. 40(7)); S.I. 1994/2189, art. 2, Sch.
Pt. II Chapter II (ss. 125-170) modified (23.3.1995) by S.I. 1994/3226, reg. 3(2)
Pt. II Chapter II (ss. 125-170) applied (23.3.1995) by S.I. 1994/3231, reg. 2(1)
Pt. II Chapter II (ss. 125-170) modified (29.4.1996) by 1996 c. 8, s. 105, Sch. 15 Pt. I para. 22(1) (with ss. 80-105)
C2Pt. II Chapter II to be construed with 1994 c. 31, Sch. 4 Pt. I para. 23 (19.9.1994) by 1994 c. 21, s. 21, Sch. 4 Pt. I para. 23(5); S.I. 1994/2189, art. 2, Sch.
(1)This Chapter applies where—
(a)a qualifying asset is one to which the company becomes entitled on or after the company’s commencement day;
(b)a qualifying liability is one to which the company becomes subject on or after that day;
(c)the rights and duties under a currency contract are ones to which the company becomes entitled and subject on or after that day.
(2)Where a qualifying asset or liability is held or owed by a qualifying company both immediately before and at the beginning of its commencement day, for the purposes of this Chapter the company shall be treated as becoming entitled or subject to the asset or liability at the beginning of its commencement day.
(3)Where both immediately before and at the beginning of its commencement day a qualifying company is entitled to rights and subject to duties under a currency contract, for the purposes of this Chapter the company shall be treated as becoming entitled and subject to them at the beginning of its commencement day.
(4)Regulations may provide that where—
(a)a qualifying asset or liability is held or owed by a qualifying company both immediately before and at the beginning of its commencement day, and
(b)the asset or liability is of a prescribed description,
subsection (2) above shall not apply and for the purposes of this Chapter the company shall be treated as becoming entitled or subject to the asset or liability at such time (falling after its commencement day) as is found in accordance with prescribed rules.
(5)Regulations may provide that any rule made under subsection (4) above shall not apply, and that subsection (2) above shall accordingly apply, in a case where the company so elects in accordance with prescribed rules.
(6)Schedule 16 to this Act (which contains transitional provisions) shall have effect.
(7)For the purposes of this section—
(a)a company’s commencement day is the first day of its first accounting period to begin after the day preceding the appointed day;
(b)the appointed day is such day as may be appointed by order.
(8)Subsections (1) to (6) above do not apply for the purposes of construing Schedule 17 to this Act (which contains its own commencement provisions).
Subordinate Legislation Made
P1S. 165(7)(b) power exercised: 23.3.1995 appointed by S.I. 1994/3224, art. 2
Modifications etc. (not altering text)
C3S. 165(2) excluded (23.3.1995) by S.I. 1994/3226, regs. 3(2), 6(2)